Enabling Arcade Mode is a two step process:
1) Set up Arcade options
To set up arcade options, launch the game with the "-arcade-config" switch (as seen below).

The menu will no include "ARCADE OPTIONS".

Here, you can rebind they keyboard bindings for menu controls.

Additionally, set the "COIN" entry to the input sent by the coin slot of your cabinet.
(Be careful! If you bind these keys in a way that makes it impossible to navigate menus, you can fix them by editing or deleting the config file in ~/AppData/Roaming/CreakyLantern/SCTVG/options.txt)
You can also set the following options:
Lives/Cred.: How many lives are given per credit inserted to play.
Timeout: If set to YES, if no input is detected during gameplay for 3 minutes, the game will return to the main menu.
2) Launch in Arcade mode
To run in Arcade mode, launch the game with the "-arcade" switch (as seen below).

Arcade mode requires insertion of credits to play. If you unlock/have unlocked the Music Test, that will be available here as well.

The game now plays using credits and lives. When you run out of lives you can insert a new credit to get more lives and continue playing, or you will return to the main menu.

Enjoy!
Changelog
- Added Arcade style options to the game.
- Fixed a bug with backtracking into boss rooms that could result in clipping through floors.
Changed files in this update